LG Electronics’ TV business has returned to profitability in the first quarter due to a combination of factors. The South Korean electronic maker reported 21 trillion won in revenue and 1.33 trillion won in operating profit for the months of January to March. This revenue figure is the highest ever recorded for the first quarter, although operating profit did drop slightly from the previous year. Despite a global economic slowdown, LG noted that its home appliances sales were the main source of profit, generating 940.3 billion won with a margin rate of 10.9%, a double-digit rate for sales of refrigerators and washing machines.
The recovering demand for TVs in Europe played a significant role in LG’s TV business returning to profitability. The company launched its new 2024 model TVs and saw a 4.2% increase in revenue fueled by this launch. LG attributed the popularity of its streaming service and content available on its webOS platform on TVs for the return to profit as well. Looking ahead, LG expects TV demand to continue to recover throughout the year, with high sales expected for OLED and QNED TVs as well as premium gaming monitors. The company is optimistic about the future of its TV business and is focusing on innovative products to meet the evolving demands of consumers.
